Industry News | September 25, 2006

Pizza Inn and Former CEO Settle Suit

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Former Pizza Inn (Nasdaq: PZZI - News) President and Chief Executive Officer Ronnie Parker will receive $2.8 million as part of a settlement agreement reached with the restaurant chain. Pizza Inn previously had filed a $9.4 million lawsuit against him.

Pizza Inn terminated Parker's contract in 2004, Pizza Inn terminated Parker's contract in late 2004, after alleging he violated his employment agreement. The company also filed a $9.4 million suit against Parker, a suit Parker's lawyers say has now been dropped.

"This settlement in Ronnie Parker's favor vindicates his good name and reputation," says Dr. F. Jay Taylor, a former Pizza Inn board member, who served the company during Mr. Parker's time as CEO.